New Versus Aged Mortgage Leads – What’s Better?
Posted on | March 31, 2010 | No Comments
With such a large amount of companies selling leads online, it becomes difficult to decipher between them and choose good or bad leads. One of the things you need to evaluate before purchasing is the type of leads you’re looking for. There is a wide array of leads available for you to purchase including semi-exclusive, exclusive, verified, and aged mortgage leads.
It really breaks down between new or aged (used) mortgage leads. Before we decide, we need to understand the pros and cons of each of these types of leads.
Aged Mortgage Leads
These are leads ranging from 7 days to 1 year in age. These leads are among the cheapest and work well with mass (shotgun) sales approaches such as telemarketing. In order to be effective with these leads, you should expect to buy large amounts (between 1000-5000) and close a small amount (less than 1%). Aged leads are most commonly used with companies who have large telemarketing budgets.
Real-Time Leads
These leads are about as new as you can get since they are available mere minutes after the lead has been generated. These work great because they are the newest you can find. You will literally be on the phone with the potential customer mere minutes after they have filled out an application. Expect these leads to be more expensive the aged mortgage leads, but also expect a much higher closing rate.
So the answer related to new versus aged leads really depends on your goals and your strategy. If you have a team of telemarketers ready to make high volumes of calls you may benefit from the low price of aged leads. However, if you’d rather take a more focused approach, pay the higher rate and benefit from the higher closing rate.
In building a successful mortgage business, you need to identify a clear strategy that works with you and your resources. Overall real-time leads give you a higher conversion rate while aged mortgage leads are better for mass marketing approaches.
Once you’ve determined the types of leads you’ll be using, take the time to research different companies and measure their track records. Go with companies who are proven in the business and can back up their credibility with statistics, testimonials and figures. The type of company you use combined with the type of lead you choose will lead to your potential in the mortgage business.
Tags: aged leads > aged mortgage leads > exclusive leads > new mortgage leads > real time leads
Jumbo Mortgage Leads – Are they worth the effort?
Posted on | March 30, 2010 | No Comments
As a mortgage professional, you want to get the most value for your time. When we look at the types of loans available on the market, jumbo loans often appear to be the most attractive. Jumbo loans are typically valued above 1 million dollars, depending on where you’re operating. Since the mortgage business is based on commission, brokers want to chomp on the biggest piece of the pay to earn the most revenue. But are jumbo mortgage leads really worth the effort?
Sure there’s much more money to be made on jumbo mortgage leads, but there is also more competition in this arena. Even if competition wasn’t an issue, the volume of jumbo leads is typically much lower than regular mortgage leads. In order to succeed in this arena, you need to focus you marketing efforts on the higher end market. This market will be the one who need jumbo loans.
Differentiate Yourself
Go where your market is and you’ll be sure to find the jumbo leads your business needs. If you decide to focus on these types of leads, you need to stand apart from the competition. You need to differentiate yourself from everybody else. Make a list of the mortgage brokers you know that focus on the jumbo loan market. Note everything they do: how they dress, how they build relationships, how they market to customers. Now, make a list of how you’re going to be different. Take the good parts, but differentiate your approach. For example, if your friend Bob Smith sends professionally designed mailers to his clients, you can send handwritten mailers to your clients. This will make you stand a part and keep you in their mind longer.
The key is to learn from what others do well and make it your own through differentiation. You’ll never be the best if you’re just like everybody else. You need to be seen as better than your competition.
Go Where They Go
They first rule of marketing is to “know your customer.” This means knowing what they look like, who they are, and where they congregate. Interview a few of your existing clients and learn about his or her likes and dislikes. What magazines do they read? What do they watch on TV? Where do they like to go for fun? Learning this information will tell you about the psychology of your customer. Understand where they hang out and make it a point to spend time there. If your customers golf, you should start golfing. If they like to surf, buy a surfboard and learn for yourself. They key is to make friends with your clients and hang out where they do. The results will be an increase in leads. In your case, an increase in jumbo mortgage leads.
Generating income through jumbo leads comes down to your ability to differentiate your business and your ability to connect with your customer. Take the time to understand your market and stand apart in a way that makes you more valuable to your client. Remember, people like to do business with people they trust. Take the tips above and become a real friend to your clients.
Tags: jumbo leads > jumbo loan leads > jumbo mortgage leads > loans for jumbo mortgage leads > mortgage jumbo leads
Should You Purchase Mortgage Leads?
Posted on | March 30, 2010 | No Comments
Outsmart Your Competition
The mortgage industry is interesting. It’s very attractive to those involved because of the potential income one can earn. Since the value of mortgage transactions is high, a commissioned sale typically brings in a substantial amount of income. However, the same potential for a high income typically brings in many competitors trying to get a piece of the pie. In the mortgage industry, the ones who succeed are the ones who focus their efforts on what really generates results.
Use the 80/20 Principle
Are you familiar with the 80/20 principle? This principle states that 20 percent of the inputs give you 80 percent of the results. In other words, 20 percent of your actions give you 80 percent of your income. In the mortgage industry, there is a lot of time spent on pursuing new customers. Many brokers spend hours cold calling or talking to people who eventually don’t become a new client. But if you really analyze you situation, you may notice that your results really happen when you focus on closing sales instead of building up the leads yourself.
Leverage Your Time
Spending hours generating leads is often a large waste of time. Now don’t get me wrong, having leads is essential to growing your business, but the process of generating them is often tedious and time consuming. This time can be better-spent closing leads you already have. This is where you find great value in purchasing mortgage leads.
Mortgage lead companies do the tedious work for you and build the leads that you need for you business. There are many companies who generate leads for mortgage brokers. Using the right company can prove to be a great benefit for your business.
Become More Efficient
In order to stand apart from your competition, you need to work more efficiently than everybody else. Spend the majority of your time closing leads and less time generating them. While there are costs associated with purchasing leads, the benefits can far outweigh the costs. With leads, sometimes you get what you pay for. You need to understand the types of leads you need to buy along with their related costs.
The purpose of any business is to generate revenue. The truth is that many business owners spend the majority of their time on activities that don’t directly bring in revenue. Instead, they spend their energy on tasks that are not directly correlated to their business growth. This is where the benefit of purchasing mortgage leads comes in to play. If you’re new to the mortgage business and don’t have much money to spend, you can still have great benefit from doing the grunt work of building your own leads. However, as you grow, evaluate your time and leverage the power of purchasing leads for your business.
Tags: how to purchase mortgage leads > mortgage leads for purchase > purchase leads > where to purchase leads